Suze Orman's Shockingly Simple Social Security and Retirement Advice
U.S. employees who want to understand how they can plan for their future benefits from Social Security typically kick things off by posing a straightforward query: How do I get started?
Bestselling personal finance author and media figure Suze Orman has provided an update regarding Social Security benefits scheduled for 2025, along with a clear list of actions individuals should undertake.
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By this time, Social Security recipients should have noticed a 2.5% boost in their monthly payments as part of the COLA for 2025, which aims to address the current inflation trends.
Related: Suze Orman cautions American employees about alterations in Social Security and 401(k) plans
For individuals who haven't yet filed for Social Security benefits, Orman stresses that she doesn’t think the rise in cost-of-living adjustments should prompt them to start claiming their benefits prematurely.
Postponing the filing for an initial claim for several years, or up until they turn 70, enables beneficiaries to receive significantly higher amounts through their Social Security benefits. Additionally, once someone reaches 62, every year's Cost-of-Living Adjustment (COLA) will be applied retrospectively to their account balance prior to submitting a claims application.
Other crucial aspects of retirement planning, as pointed out by Orman, should also be addressed. For this reason, she has created a retirement planning checklist designed to assist individuals in concentrating on several tasks they should begin tackling.
Suze Orman outlines additional retirement duties beyond just filing for Social Security.
Orman points out that everyone who has a job, irrespective of their age, should start envisioning their future retirement objectives as early as possible.
As Orman pointed out, planning for retirement isn't something that begins once you cease working; it should commence right away. The most effective method to approach retirement with assurance is by taking steps currently, even before you step down from your job.
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His checklist assists individuals in concentrating on crucial actions to establish a strong financial base, avoiding errors, and devising a strategy for lasting stability.
"As early as you begin, the more ready you will be to savor the retirement you merit," she penned.
Related: Suze Orman warns Social Security recipients of a looming threat
Suze Orman's checklist for retirement readiness
The following is Orman's list of top priorities for workers to check off as they plan for retirement:
- Make it your goal to retire debt-free.
- Think about stashing funds in tax-exempt retirement options such as a Roth 401(k), Roth IRA, or an HSA.
- Begin developing your strategy for staying employed until you reach 70 years old.
- Ensure you assist your grown-up offspring in achieving financial self-sufficiency.
- Think about eldercare choices for your parents that won’t jeopardize your financial stability in retirement.
- Give precedence to funding your retirement instead of taking loans for your child’s education.
- Examine your home: Will it remain secure and functional as you age?
- Research long-term care insurance.
In her book, The Complete Retirement Handbook for Those Aged 50 Plus In the 2025 edition, Orman shares that her personal journey through various work-related struggles, debts, and financial hurdles motivated her to dedicate herself to ensuring retirees can safeguard and protect their hard-earned savings.
The aforementioned checklist serves as her guidance on how to start.
As I pen this down now, I am 73 years old," she explained. "I no longer doubt my ability to connect with individuals approaching retirement age since I also carry many years of professional experience under my belt. The phase in the near future when I cease working activities isn’t distant anymore.
Orman indicates that her drive to assist individuals in achieving their retirement aspirations stems from an emphasis on connecting her personal financial ambitions and wishes to those of others.
"As I've aged, I possess significant insight into the psychological and emotional pulls that come into play," she penned.
I feel deeply empathetic toward your aspirations, your anxieties, and your dreams for those who will follow in your footsteps as well as for the dear people walking alongside you.
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